Economic growth in WA outstrips the nation

12/11/04
Western Australia is leading the nation yet again with our booming economy delivering a record 7.5 per cent growth rate during 2003-04, Premier Geoff Gallop said today.
Dr Gallop said WA's Gross State Product grew by a stunning 7.5 per cent for the last financial year, which was higher than the Budget estimate of 6.75 per cent.
WA's growth rate was by far the highest rate in Australia and almost double the national figure of 3.8 per cent.
Today's result was on the back of a record low unemployment figure of 4.7 per cent released yesterday, which showed more than one million Western Australians were now employed in the State.
Economic growth for 2003-04 was driven almost entirely by very strong growth in the domestic economy. The domestic economy increased by 8.0 per cent in 2003-04, underpinned by growth in household consumption (up 6.8 per cent) and business investment (up 17.2 per cent).
"WA is the engine room of the nation's economy with more than double the national growth rate," the Premer said.
"The rest of the States have been left in our wake as we surge ahead.
"My Government has worked hard to encourage economic growth, including delivering record infrastructure. We have delivered record economic growth, record low unemployment rates and four balanced Budgets.
"Four years ago, the State economy was shrinking and business investment was falling. The Liberals had also delivered four deficits in eight years.
"We have turned that around and we will continue to work hard to deliver strong economic growth and new jobs and opportunities."
Premier's office: 9222 9475